FYI: Years of experience have taught me that to be a successful active investor requires a very specific set of characteristics, and that many investors attempting to actively manage their portfolios today lack the emotional and personality traits necessary for success.
Investors with passive portfolios—assuming they are adequately and broadly diversified—face only one real point of failure: reacting emotionally to a market selloff and selling their holdings, often near a market bottom.
But investors who use actively managed strategies face two points of failure:
Regards,
Ted
http://jimoshaughnessy.tumblr.com/post/158366040139/successful-active-stock-investing-is-hard-here
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